UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                   FORM 10-QSB

(Mark One)

[X]     QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE
        ACT OF 1934
        For the quarterly period ended September 30, 2006

[ ]     TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT
        For the transition period from                to
                                      ---------------    ------------------

        Commission file number 0-27355
                               -------

CIGMA METALS CORPORATION
------------------------
(Exact name of small business issuer as specified in its charter)

Florida                                       98-0203244
-------                                       ----------
(State or other jurisdiction of               (IRS Employer
incorporation or organization)                Identification No.)


1 Edith Place, Coolum Beach, Queensland, Australia, 4573
--------------------------------------------------------
(Address of principal executive offices)

+61 4111 56177
--------------
(Issuer's Telephone Number)


--------------------------------------------------------------------------
(Former name, former address and former fiscal year, if changed since last
report)

Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15 (d) of the Exchange Act during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports), and
(2) has been subject to such filing requirements for the past 90 days.
Yes  [X]  No  [ ]

Indicate by check mark whether the registrant is a shell company (as defined in
Rule 12b-2 of the Exchange Act).
Yes  [ ]  No  [X]

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE
PRECEDING FIVE YEARS

Check, whether the registrant filed all documents and reports required to be
filed by Section 12, 13 or 15 (d) of the Exchange Act after the distribution of
securities under a plan confirmed by court.
Yes  [ ]  No  [ ]

APPLICABLE ONLY TO CORPORATE ISSUERS

State the number of shares outstanding of each of the issuer's classes of common
equity,  as  of  the  latest practicable date: 39,500,000 shares of Common Stock
were  outstanding  as  of  November  3,  2006.

Transitional  Small  Business  Disclosure  Format  (check  one);
Yes  [ ]  No  [X]


                                        1
<PAGE>
                            CIGMA METALS CORPORATION

This  quarterly  report  contains  statements  that  plan  for or anticipate the
future,  called  "forward-looking  statements."  In some cases, you can identify
forward  looking  statements  by  terminology  such  as "may," "will," "should,"
"could," "expects," "plans,"  "intends," "anticipates," "believes," "estimates,"
"predicts,"  "potential"  or "continue" or the negative of those terms and other
comparable  terminology.

These  forward-looking statements appear in a number of places in this quarterly
report  and  include,  but  are  not  limited  to,  statements about: our market
opportunity;  revenue  generation;  our  strategies;  competition;  expected
activities  and  expenditures  as  we  pursue our business plan; the adequacy of
our  available  cash  resources;  our  ability  to  acquire  properties  on
commercially  viable terms; challenges to our title to our properties; operating
or  technical  difficulties  in  connection with our exploration and development
activities;  currency  fluctuations;  fluctuating market prices for precious and
base  medals; the speculative nature of precious and base medals exploration and
development  activities;  environmental  risks  and  hazards;  governmental
regulations;  and  conduct  of  operations  in politically and economically less
developed areas of the world. These risks and uncertainties are detailed in Part
1 - Financial Information - Item 1. "Financial Statements, Item 2. "Management's
Discussion  and  Analysis  or  Plan  of  Operation."

Many  of these contingencies and uncertainties can affect our actual results and
could  cause actual results to differ materially from those expressed or implied
in any forward looking statements made by, or on behalf of, us.  Forward looking
statements are not guarantees of future performance.  All of the forward looking
statements  made  in  this  annual  report  are  qualified  by  these cautionary
statements.  Specific  reference  is  made to filings made by us with the United
States  Securities  and Exchange Commission for more detailed discussions of the
contingencies  and uncertainties enumerated above and the factors underlying the
forward  looking  statements.  These  reports  and  filings may be inspected and
copied at the Public Reference Room maintained by the U.S. Securities & Exchange
Commission  at  100  F  Street,  N.E.,  Washington,  D.C.  20549. You can obtain
information  about  operation  of  the Public Reference Room by calling the U.S.
Securities  &  Exchange  Commission  at  1-800-SEC-0330.  The  U.S. Securities &
Exchange Commission also maintains an Internet site that contains reports, proxy
and  information  statements,  and other information regarding issuers that file
electronically  with  the  U.S.  Securities  &  Exchange  Commission  at
http://www.sec.gov.
-------------------

We  disclaim any intention or obligation to update or revise any forward looking
statements  whether  as a result of new information, future events or otherwise,
except  to  the  extent  required  by  applicable  laws.


                                        2
<PAGE>
<TABLE>
<CAPTION>
                                          INDEX

<S>      <C>                                                                      <C>
                                                                                  Page No.
PART I.  Financial Information

Item 1.  Financial Statements

         Consolidated Balance Sheets --                                               4
         September 30, 2006 (unaudited) and December 31, 2005 (audited)

         Interim Consolidated Statements of Operations (unaudited)                    5
         Three and Nine-months ended September 30, 2006 and 2005; and for the
         Period from January 13, 1989 (inception) to September 30, 2006

         Interim Consolidated Statements of Cash Flows (unaudited)                    6
         Nine-months ended September 30, 2006 and 2005; and for the
         period from January 13, 1989 (inception) to September 30, 2006

         Notes to Interim Consolidated Financial Statements (unaudited)               7

Item 2.  Management's Discussion and Analysis or Plan of Operation                    17

Item 3.  Controls and Procedures                                                      21

                                PART II. Other Information

Item 1.  Legal Proceedings                                                            22

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds                  22

Item 3.  Defaults Upon Senior Securities                                              22

Item 4.  Submission of Matters to a Vote of Security Holders                          23

Item 5.  Other Information                                                            23

Item 6.  Exhibits                                                                     23

         Signatures                                                                   24
</TABLE>


                                        3
<PAGE>
<TABLE>
<CAPTION>
CIGMA METALS CORPORATION
(An exploration stage enterprise)

Consolidated Balance Sheets
September 30, 2006 and December 31, 2005
(Expressed in U.S. Dollars)
------------------------------------------------------------------------------------------
                                                            SEPTEMBER 30,     December 31,
                                                                     2006             2005
------------------------------------------------------------------------------------------
<S>                                                        <C>              <C>
ASSETS                                                       (UNAUDITED)
Current
  Cash                                                     $    3,335,756   $     250,170
  Available-for-sale securities                                   164,606         181,797
------------------------------------------------------------------------------------------
Total assets                                                    3,500,362         431,967
------------------------------------------------------------------------------------------

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
  Accounts payable and accrued expenses                    $        9,112   $      26,894
  Accounts payable - related party (Note 7)                             -          16,986
------------------------------------------------------------------------------------------
Total current liabilities                                           9,112          43,880
------------------------------------------------------------------------------------------

Stockholders' Equity
Common stock (Note 5)
  Authorized
    100,000,000 common shares, par value $0.0001
  Issued and outstanding:
    39,500,000 (2005 - 30,700,000) common shares                    3,950           3,070
Additional paid in capital                                      6,347,650       2,048,530
Common stock to be issued                                               -         300,000
Accumulated deficit during the development stage               (2,843,159)     (1,963,513)
Accumulated other comprehensive income (loss)                     (17,191)              -
------------------------------------------------------------------------------------------
Stockholders' equity                                            3,491,250         388,087
------------------------------------------------------------------------------------------

Total liabilities and stockholders' equity                 $    3,500,362   $     431,967
==========================================================================================

Nature of Business and Continuance of Operations (Note 1)
Commitments (Note 4)
</TABLE>

The accompanying notes are an integral part of these interim consolidated
financial statements.


                                        4
<PAGE>
<TABLE>
<CAPTION>
CIGMA METALS CORPORATION
(An exploration stage enterprise)
Interim Consolidated Statements of Operations
(Expressed in U.S. Dollars)                      Cumulative
(unaudited)                                      January 13     Three months     Three months      NINE MONTHS      Nine months
                                           1989 (inception)            Ended            Ended            ENDED            Ended
                                           to September 30,    September 30,    September 30,    SEPTEMBER 30,    September 30,
                                                       2006             2006             2005             2006             2005
-------------------------------------------------------------------------------------------------------------------------------
<S>                                      <C>                 <C>              <C>              <C>              <C>
Expenses
  Administrative and general             $         269,241   $       28,664   $        4,808   $       90,724   $       28,599
  Exploration costs (Note 4)                             -
    - HaldeyGold Project - partnership             757,661          145,266           80,000          193,266          120,000
    - HaldeyGold Project - other                   177,614           13,518                -           49,257           39,854
    - Tugojakovsk Project                          412,371            8,000           50,000          288,000           50,000
  Interest and bank charges                         10,993            1,262              897            3,174            2,647
  Professional fees                                319,505           46,740            8,827          114,155           23,309
  Property investigation costs                     109,279            3,546                -            7,525           19,980
  Salaries and consulting fees                     566,713           52,770           32,389          154,997          112,489
-------------------------------------------------------------------------------------------------------------------------------
Loss before other items                          2,623,377          299,766          176,921          901,098          396,878
-------------------------------------------------------------------------------------------------------------------------------

Other income (loss)
  Writedown of available-for-sale
    securities (Note 3)                           (148,180)               -                -                -                -
  Writedown of investment in
    partnership interest (Note 4)                 (180,951)         (36,317)         (20,000)         (48,317)         (30,000)
  Interest income                                  109,349           41,568              178           69,769            2,466
-------------------------------------------------------------------------------------------------------------------------------
Total other income (loss)                         (219,782)           5,251          (19,822)          21,452          (27,534)
-------------------------------------------------------------------------------------------------------------------------------
Net loss for the period                  $      (2,843,159)  $     (294,515)  $     (196,743)  $     (879,646)  $     (424,412)
===============================================================================================================================

Basic and diluted loss per share                             $        (0.01)  $        (0.01)  $        (0.02)  $        (0.01)
===============================================================================================================================
Weighted average number of
  common shares outstanding                                      39,500,000       14,170,833       35,645,074       28,733,456
===============================================================================================================================
</TABLE>

The accompanying notes are an integral part of these interim consolidated
financial statements.


                                        5
<PAGE>
<TABLE>
<CAPTION>
Interim Consolidated Statements of Cash Flows                               Cumulative
(Expressed in U.S. Dollars)                                                 January 13     NINE MONTHS     Nine months
(unaudited)                                                           1989 (inception)           ENDED           Ended
                                                                       to September 30    SEPTEMBER 30    September 30
                                                                                  2006            2006            2005
----------------------------------------------------------------------------------------------------------------------
<S>                                                                  <C>                <C>             <C>
Net loss for the period                                              $     (2,843,159)  $    (879,646)  $    (424,412)
Cash flows used in operating activities
  Adjustments to reconcile net loss to net cash used
  in operating activities
  - issuance of common stock for mineral property rights                          600               -               -
  - issuance of common stock for services rendered                              1,000               -               -
  - partnership exploration costs                                           1,045,661         481,266         120,000
  - writedown of investment in partnership interest                           180,951          48,317          30,000
  - accumulated gains on available for sale securities                        148,180               -               -
  Changes in working capital assets and liabilities
  - decrease in other receivables                                                   -               -           6,211
  - increase (decrease) in accounts payables and accrued liabilities            9,112         (34,768)        (16,599)
----------------------------------------------------------------------------------------------------------------------
Net cash used in operating activities                                      (1,457,655)       (384,831)       (284,800)
----------------------------------------------------------------------------------------------------------------------

Cash flows used in investing activities
  - investment in available-for-sale securities                              (329,977)              -               -
  - investment in partnership interest                                     (1,226,612)       (529,583)       (150,000)
----------------------------------------------------------------------------------------------------------------------
Net cash used in investing activities                                      (1,556,589)       (529,583)       (150,000)
----------------------------------------------------------------------------------------------------------------------

Cash flows from financing activities
  - issuance of common stock                                                6,350,000       4,000,000               -
  - Loan proceeds                                                                   -               -         200,000
----------------------------------------------------------------------------------------------------------------------
Net cash provided by financing activities                                   6,350,000       4,000,000         200,000
----------------------------------------------------------------------------------------------------------------------
Increase (decrease) in cash for the period                                  3,335,756       3,085,586        (234,800)
Cash, beginning of period                                                           -         250,170         311,845
----------------------------------------------------------------------------------------------------------------------
Cash, end of period                                                  $      3,335,756   $   3,335,756   $      77,045
======================================================================================================================
</TABLE>

SUPPLEMENTAL CASH FLOW INFORMATION (Note 7)
The accompanying notes are an integral part of these interim consolidated
financial statements.


                                        6
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2006
(UNAUDITED)

NOTE 1 - NATURE OF BUSINESS AND CONTINUANCE OF OPERATIONS
--------------------------------------------------------------------------------

The  Company  was incorporated under the laws of the State of Florida on January
13,  1989  as  Cigma Ventures Corporation. On April 17, 1999 the Company changed
its  name  to  Cigma  Metals  Corporation  and  is  in the business of location,
acquisition,  exploration  and, if warranted, development of mineral properties.
The  Company  is in the exploration stage and has not yet determined whether its
properties  contain  mineral  reserves  that  may  be  economically recoverable.

These  consolidated  unaudited  financial  statements  have  been  prepared  in
accordance with generally accepted accounting principles in the United States of
America  ("US  GAAP")  applicable  to  a  going  concern, which contemplates the
realization of assets and the satisfaction of liabilities and commitments in the
normal  course  of business.  The general business strategy of the Company is to
acquire and explore mineral properties.  The continued operations of the Company
and the recoverability of mineral property costs is dependent upon the existence
of  economically  recoverable  mineral  reserves,  confirmation of the Company's
interest  in the underlying mineral claims, the ability of the Company to obtain
necessary  financing  to  complete  the  development  and upon future profitable
production.  The Company has not generated any revenues or completed development
of  any  properties  to date, has incurred losses of $2,843,159 since inception,
and  further  significant  losses are expected to be incurred in the exploration
and  development  of its mineral properties. The Company will require additional
funds to meet its obligations and maintain its operations. Management's plans in
this  regard  are  to  raise equity financing as required. During the period the
Company  raised $4,000,000 through private placements and has sufficient cash to
fund  operations  for  the  next  year.


NOTE 2 - BASIS OF PRESENTATION
--------------------------------------------------------------------------------

The  accompanying unaudited consolidated financial statements have been prepared
in  accordance  with  generally  accepted  accounting  principles  for  interim
financial  information and with the instructions for Form 10-QSB and Item 310(b)
of  Regulation  S-B.  Accordingly,  they  do not include all the information and
footnotes  required  by  generally  accepted  accounting principles for complete
financial  statements. In the opinion of management, all adjustments (consisting
only  of  normal  recurring  adjustments)  considered  necessary  for  a  fair
presentation  have  been  included.  Operating results for the nine months ended
September  30,  2006  are  not necessarily indicative of the results that may be
expected  for  the  year  ended  December  31,  2006.

The  consolidated  balance  sheet at December 31, 2005 has been derived from the
audited financial statements at that date. The consolidated financial statements
and  footnotes thereto included in the Cigma Metals Corporation Annual Report on
Form  10-KSB  for  the  year  ended  December  31,  2005  should  be reviewed in
connection  with  these  condensed  consolidated  financial  statements.


NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
--------------------------------------------------------------------------------

PRINCIPLES  OF  CONSOLIDATION
These  consolidated  financial  statements, prepared in accordance with US GAAP,
include the accounts of the Company and its wholly-owned subsidiaries, Northgold
Company  Limited  ("Northgold")  and  Cigma  Metals  Limited  ("Cigma  BVI").
Collectively,  they  are  referred  to  herein  as  (the "Company"). Significant
inter-company  accounts  and  transactions  have  been eliminated. Northgold and
Cigma  BVI  are  inactive.


                                        7
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2006
(UNAUDITED)

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
--------------------------------------------------------------------------------

BASIS  OF  PRESENTATION
These  consolidated  financial statements are presented in United States dollars
and  have  been  prepared  in  accordance  with  US  GAAP.

USE  OF  ESTIMATES
The  preparation  of  financial  statements  in conformity with US GAAP requires
management to make estimates and assumptions that affect the reported amounts of
assets  and  liabilities  and disclosure of contingent assets and liabilities at
the  date  of  the financial statements and the reported amounts of revenues and
expenses  during  the period.  Actual results could differ from those estimates.

MINERAL PROPERTIES AND EXPLORATION COSTS
Mineral property acquisition costs are capitalized when incurred.  In accordance
with  Emerging  Issues  Task Force  04-02, such costs are classified as tangible
assets  and  are  evaluated  for  impairment  and  written  down  as  required.

Mineral  property  exploration  and  development  costs are expensed as incurred
until  such  time  as economic reserves are quantified.  From that time forward,
the  Company  will capitalize all costs to the extent that future cash flow from
mineral  reserves equals or exceeds the costs deferred.  The deferred costs will
be  amortized  over  the recoverable reserves when a property reaches commercial
production.  As  of the date of these financial statements, the Company has only
incurred  exploration  costs which have been charged to operations.  To date the
Company  has  not  established  any  proven  or probable reserves on its mineral
properties.  Exploration  activities conducted jointly with others are reflected
at  the  Company's  proportionate  interest  in  such  activities.

The  Company  has  adopted  the provisions of SFAS No. 143 "Accounting for Asset
Retirement  Obligations" which establishes standards for the initial measurement
and subsequent accounting for obligations associated with the sale, abandonment,
or  other  disposal  of long-lived tangible assets arising from the acquisition,
construction  or  development  and  for  normal  operations  of such assets. The
Company has not recognized any potential costs relating to the retirement of the
Company's  mineral  property  interests through September 30, 2006 because there
are  no  retirement  costs  associated  with  its  current  level of exploration
activity.

INVESTMENT  IN  PARTNERSHIP  INTERESTS
The  Company  accounts  for  its  partnership  interests under US GAAP using the
equity  method.  Therefore,  the  partnership interests are initially carried at
cost  and  adjusted  for any return of capital and any allocation of profits and
losses  including  the  Company's  share  of  exploration  costs.  Fair  value
adjustments  may  be  required where there are long term indications relating to
the  impairment  of  the  interest.

SHARE-BASED  COMPENSATION
On  January  1,  2006, the Company adopted SFAS No. 123 (revised 2004) (SFAS No.
123R),  Share-Based  Payment,  which  addresses  the  accounting for stock-based
payment  transactions  in  which  an  enterprise  receives  employee services in
exchange  for  (a)  equity instruments of the enterprise or (b) liabilities that
are  based  on the fair value of the enterprise's equity instruments or that may
be  settled  by  the  issuance  of such equity instruments. In January 2005, the
Securities  and Exchange Commission (SEC) issued Staff Accounting Bulletin (SAB)
No.  107, which provides supplemental implementation guidance for SFAS No. 123R.
SFAS  No.  123R  eliminates  the ability to account for stock-based compensation
transactions  using  the  intrinsic  value  method  under  Accounting Principles
Board  (APB)  Opinion  No.  25,  Accounting  for  Stock Issued to Employees, and
instead  generally  requires  that  such


                                        8
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2006
(UNAUDITED)

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
--------------------------------------------------------------------------------

SHARE-BASED  COMPENSATION  (CONT'D)

transactions  be accounted for using a fair-value-based method. The Company uses
the  Black-Scholes-Merton  ("BSM")  option-pricing  model  to  determine  the
fair-value  of stock-based awards under SFAS No. 123R, consistent with that used
for  pro  forma  disclosures  under  SFAS  No.  123,  Accounting for Stock-Based
Compensation. The Company has elected the modified prospective transition method
as  permitted  by  SFAS  No.  123R  and  accordingly prior periods have not been
restated  to  reflect  the  impact  of  SFAS  No. 123R. The modified prospective
transition method requires that stock-based compensation expense be recorded for
all  new  and  unvested stock options, restricted stock, restricted stock units,
and  employee stock purchase plan shares that are ultimately expected to vest as
the  requisite service is rendered beginning on January 1, 2006 the first day of
the  Company's  fiscal  year  2006.  Stock-based compensation expense for awards
granted  prior  to  January  1,  2006  is  based on the grant date fair-value as
determined  under  the  pro  forma  provisions  of  SFAS  No.  123.

Prior  to  the  adoption  of  SFAS  No.  123R, the Company measured compensation
expense  for  its  employee  stock-based  compensation plans using the intrinsic
value  method  prescribed  by  APB  Opinion  No.  25.  The  Company  applied the
disclosure provisions of SFAS No. 123 as amended by SFAS No. 148, Accounting for
Stock-Based Compensation - Transition and Disclosure, as if the fair-value-based
method had been applied in measuring compensation expense. Under APB Opinion No.
25, when the exercise price of the Company's employee stock options was equal to
the  market  price  of  the  underlying  stock  on  the  date  of  the grant, no
compensation  expense  was  recognized.

AVAILABLE-FOR-SALE  SECURITIES
Available-for-sale  securities  are carried at fair market value with unrealized
holding  gains  and  losses  included  as  a  component  of  accumulated  other
comprehensive  income  (loss).  If  a  loss  in  value in the available-for-sale
securities  is  considered  to  be other than temporary, it is recognized in the
determination of net income. Cost is based on the specific identification method
for  the  individual  securities to determine realized gains or losses. Realized
gains  and  losses  are  determined on an average cost basis when securities are
sold.  In  accordance  with  the  Company's  policy  to  review  its  investment
portfolio  for declines that may be other than temporary, the Company recognized
a  non-cash  loss of $148,180 on a lower-of-cost-or-market write down on certain
available-for-sale  securities  during the year ended December 31, 2005.  During
the  nine  months  ended  September 30, 2006 the Company has recorded a non-cash
loss  of  $17,191  as  other  comprehensive  loss.

FOREIGN  CURRENCY  TRANSLATIONS  AND  TRANSACTIONS
The  Company's  reporting  currency  is  the  U.S. Dollar.  Foreign subsidiaries
utilize the functional currency applicable to the country in which they operate.
The Company translates assets and liabilities of its foreign subsidiaries at the
rate  of  exchange  at  the  balance  sheet  date.  Revenues  and  expenses  are
translated  at  the  average  rate  of  exchange throughout the year.   Gains or
losses  from  these  translations,  if  significant,  are reported as a separate
component  of  other comprehensive income, until all or a part of the investment
in  the  subsidiary  is  sold  or  liquidated.  Translation  adjustments  do not
recognize  the  effect of income tax because the Company expects to reinvest the
amounts  indefinitely  in  operations.

CONCENTRATION  OF  CREDIT  RISK
The  Company  places  its  cash  and  cash  equivalents with high credit quality
financial  institutions.  The  Company  occasionally  maintains  balances  in  a
financial  institution  exceeding the insured amount.  As of September 30, 2006,
the  Company  had  deposits  in  a  bank  exceeding  insured  limits.


                                        9
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2006
(UNAUDITED)

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
--------------------------------------------------------------------------------

LONG-LIVED  ASSETS
In  accordance  with SFAS No. 144, "Accounting for the Impairment or Disposal of
Long-lived Assets", the carrying value of intangible assets and other long-lived
assets  is  reviewed  on  a  regular  basis  for  the  existence  of  facts  or
circumstances  that  may  suggest  impairment. The Company recognizes impairment
losses  when  the sum of the expected undiscounted future cash flow is less than
the carrying amount of the asset. Impairment losses, if any, are measured as the
excess  of  the  carrying amount of the asset over its estimated fair value. The
Company  has  not  recognized  any impairment losses through September 30, 2006.

FAIR  VALUE  OF  FINANCIAL  INSTRUMENTS  AND  RISKS
Fair  value  estimates  of financial instruments are made at a specific point in
time,  based  on  relevant  information  about  financial  markets  and specific
financial  instruments.  As  these estimates are subjective in nature, involving
uncertainties  and  matters  of  significant judgment, they cannot be determined
with  precision.  Changes in assumptions can significantly affect estimated fair
value.

The  carrying value of cash, available for sale securities, accounts payable and
accrued  expenses,  and accounts payable - related party, approximate their fair
value  because  of the short-term nature of these instruments.  Management is of
the  opinion  that  the Company is not exposed to significant interest or credit
risks  arising  from  these  financial  instruments.

The  Company  operates outside of the United States of America and is exposed to
foreign  currency  risk due to the fluctuation between the currency in which the
Company  operates  in  and  the  U.S.  dollar.  The  Company  does  not  use any
derivative  instruments.

As all of the Company's mineral properties and partnership interests are located
in  Russia,  the  Company is subject to different considerations and other risks
not  typically  associated  with  companies  in  North  America.  Such risks are
associated  with  the  political,  economic,  foreign  currency  and  legal
environments.  The Company's results may be adversely affected by changes in the
political  and social conditions in Russia and by changes in government policies
with  respect  to  laws  and  regulations.

ACCOUNTING  FOR  DERIVATIVE  INSTRUMENTS  AND  HEDGING  ACTIVITIES
The  Company has adopted the Statement of Financial Accounting Standards No. 133
(SFAS  133)  Accounting for Derivative Instruments and Hedging Activities, which
requires  companies  to  recognize  all derivative contracts as either assets or
liabilities  in  the balance sheet and to measure them at fair value. If certain
conditions  are met, a derivative may be specifically designated as a hedge, the
objective  of  which  is  to match the timing of gain or loss recognition on the
hedging  derivative with the recognition of (i) the changes in the fair value of
the  hedged  asset or liability that are attributable to the hedged risk or (ii)
the  earnings effect of the hedged forecasted transaction.  For a derivative not
designated  as a hedging instrument, the gain or loss is recognized in income in
the  period of change. Historically, the Company has not entered into derivative
contracts  either  to  hedge  existing  risks  or  for  speculative  purposes.

INCOME  TAXES
The  Company has adopted the Statement of Financial Accounting Standards No. 109
(SFAS 109), Accounting for Income Taxes, which requires the Company to recognize
deferred  tax liabilities and assets for the expected future tax consequences of
events  that  have  been recognized in the Company's financial statements or tax
returns using the liability method.  Under this method, deferred tax liabilities
and  assets  are  determined  based  on  the  differences  between the financial
statement  carry  amounts  and tax bases of assets and liabilities using enacted
tax  rates  in  effect  in  the  years  in which the differences are expected to
reverse.


                                       10
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2006
(UNAUDITED)

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
--------------------------------------------------------------------------------

LOSS  PER  SHARE
The  Company  computes loss per share in accordance with SFAS No. 128, "Earnings
per  Share"  which  requires presentation of both basic and diluted earnings per
share  on  the  face  of  the  statement  of operations. Basic loss per share is
computed  by  dividing net loss available to common shareholders by the weighted
average  number of outstanding common shares during the period. Diluted loss per
share  gives  effect  to all dilutive potential common shares outstanding during
the  period including stock options and warrants, using the treasury method, and
preferred stock, using the if-converted method. Dilutive loss per share excludes
all  potential  common  shares  if  their  effect  is  anti-dilutive.

COMPREHENSIVE  LOSS
The  Company's  accumulated  other  comprehensive  loss  consists  solely of the
accumulated  unrealized  gain/(loss)  on  available-for-sale  securities.

COMPARATIVE  FIGURES
Certain  comparative  figures  have been reclassified in order to conform to the
current  period's  financial  statement  presentation.

RECENT  ACCOUNTING  PRONOUNCEMENTS
In  February  2006, the FASB issued SFAS No. 155, "Accounting for Certain Hybrid
Financial  Instruments-an  amendment  of  FASB  Statements  No. 133 and 140", to
simplify  and  make  more  consistent  the  accounting  for  certain  financial
instruments.  SFAS  No.  155  amends  SFAS  No.  133, "Accounting for Derivative
Instruments and Hedging Activities", to permit fair value re-measurement for any
hybrid  financial  instrument  with  an embedded derivative that otherwise would
require  bifurcation,  provided  that the whole instrument is accounted for on a
fair  value  basis.  SFAS  No.  155  amends  SFAS  No.  140, "Accounting for the
Impairment  or  Disposal  of  Long-Lived  Assets",  to  allow  a  qualifying
special-purpose  entity  to hold a derivative financial instrument that pertains
to  a  beneficial  interest  other than another derivative financial instrument.
SFAS  No.  155 applies to all financial instruments acquired or issued after the
beginning of an entity's first fiscal year that begins after September 15, 2006,
with  earlier  application  allowed.  This  standard  is  not expected to have a
significant  effect  on  the  Company's  future  reported  financial position or
results  of  operations.

In  March  2006,  the  FASB  issued  SFAS  No. 156, "Accounting for Servicing of
Financial  Assets,  an  amendment  of  FASB  Statement  No.  140, Accounting for
Transfers and Servicing of Financial Assets and Extinguishments of Liabilities".
This statement requires all separately recognized servicing assets and servicing
liabilities be initially measured at fair value, if practicable, and permits for
subsequent  measurement using either fair value measurement with changes in fair
value  reflected  in earnings or the amortization and impairment requirements of
Statement No. 140. The subsequent measurement of separately recognized servicing
assets  and  servicing  liabilities  at  fair value eliminates the necessity for
entities  that  manage  the  risks  inherent  in  servicing assets and servicing
liabilities  with  derivatives  to  qualify  for  hedge accounting treatment and
eliminates  the  characterization  of  declines  in fair value as impairments or
direct  write-downs. SFAS No. 156 is effective for an entity's first fiscal year
beginning  after  September  15,  2006.  This  adoption of this statement is not
expected to have a significant effect on the Company's future reported financial
position  or  results  of  operations.


                                       11
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2006
(UNAUDITED)

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
--------------------------------------------------------------------------------

RECENT  ACCOUNTING  PRONOUNCEMENTS  (CONT'D)
In September 2006, the Financial Accounting Standards Board ("FASB") issued SFAS
No.  157,  "Fair  Value  Measures" ("SFAS No. 157"). This Statement defines fair
value,  establishes  a  framework for measuring fair value in generally accepted
accounting principles (GAAP), expands disclosures about fair value measurements,
and  applies  under  other accounting pronouncements that require or permit fair
value  measurements.  SFAS  No.  157  does  not  require  any  new  fair  value
measurements.  However,  the  FASB  anticipates  that  for  some  entities,  the
application  of  SFAS  No.  157  will  change  current practice. SFAS No. 157 is
effective  for  financial  statements  issued  for  fiscal years beginning after
November  15,  2007,  which  for  the Company would be the fiscal year beginning
January  1, 2008. The Company is currently evaluating the impact of SFAS No. 157
but  does  not  expect  that  it  will  have  a material impact on its financial
statements.

In  September  2006,  the  FASB  issued SFAS No. 158, "Employers' Accounting for
Defined Benefit Pension and Other Postretirement Plans." This Statement requires
an  employer  to  recognize  the over funded or under funded status of a defined
benefit  post  retirement  plan (other than a multiemployer plan) as an asset or
liability  in  its  statement of financial position, and to recognize changes in
that  funded status in the year in which the changes occur through comprehensive
income.  SFAS  No.  158  is effective for fiscal years ending after December 15,
2006.  The  Company does not expect that the implementation of SFAS No. 158 will
have  any  material  impact on its financial position and results of operations.

In  September  2006,  the  SEC issued Staff Accounting Bulletin ("SAB") No. 108,
"Considering  the  Effects  of  Prior  Year  Misstatements  when  Quantifying
Misstatements  in  Current Year Financial Statements." SAB No. 108 addresses how
the  effects  of  prior year uncorrected misstatements should be considered when
quantifying  misstatements  in  current  year  financial statements. SAB No. 108
requires  companies  to  quantify misstatements using a balance sheet and income
statement  approach  and  to  evaluate  whether  either  approach  results  in
quantifying  an  error  that  is  material in light of relevant quantitative and
qualitative  factors. SAB No. 108 is effective for periods ending after November
15,  2006.  The  Company  is currently evaluating the impact of adopting SAB No.
108  but  does  not  expect that it will have a material effect on its financial
statements.


NOTE 4 - MINERAL PROPERTIES AND EXPLORATION COSTS
--------------------------------------------------------------------------------

The Company holds an interest in two mineral exploration projects located in the
Tomsk  Oblast  Region,  of  the  Russian  Federation.

HALDEYGOLD  PROJECT
On  August  30,  2004,  the  Company  signed a Joint Activity Agreement with OOO
Science  Industrial Corporation Geosphera ("Geosphera"), a company registered in
Russia, to form a partnership to explore the Haldeevskaya license located in the
Tomsk  district of the Tomsk region of the Russian Federation, 25 km east of the
city  of  Tomsk.  Geosphera  will  earn  a  51%  interest  in the partnership by
contributing the license for the Haldeevskaya area and the geological data.  The
license and the geological data have been valued at US$52,000.  The terms of the
agreement  provided  that  the  Company  was  to  earn  a  49%  interest  in the
partnership  by paying US$50,000. However, the Company increased its interest in
the  partnership  to  80%  (Geosphera  -  20%)  by  funding  US$350,000
of  exploration  expenditures on the licensed property in 2004. Geosphera is the
manager  of  the  project.


                                       12
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2006
(UNAUDITED)

NOTE 4 - MINERAL PROPERTIES AND EXPLORATION COSTS (CONT'D)
--------------------------------------------------------------------------------

Pursuant  to  the  terms of the Joint Activity Agreement, and for the purpose of
conducting  further financing and exploration work, a company, Limited Liability
Company  HaldeyGold.  ("HaldeyGold"),  was  registered  with the Ministry of the
Russian  Federation  for  Taxes and Levies on January 19, 2005. The Haldeevskaya
mineral  exploration  license  along  with  all  relevant  geological  data  was
transferred  by the partnership to HaldeyGold on March 16, 2005. The Company has
an  80%  (Geosphera  20%)  interest  in  HaldeyGold.

On  April 22, 2005, December 31, 2005 and July 7, 2006 the Company and Geosphera
agreed  to  amendments to the Haldeevskaya Joint Activity Agreement dated August
30,  2004 resulting in a revision of the 2005 exploration expenditure commitment
from  $300,000  to  $250,000  and  an agreement on behalf of the Company to fund
$460,000  (decreased  from  $2,450,000)  toward  the 2006 HaldeyGold exploration
budget.  In  the event that the Company funds less than $460,000 (decreased from
$1,500,000) of the 2006 exploration budget, the Company's interest in HaldeyGold
will  be  reduced to 50%. Geosphera's ownership interest in HaldeyGold cannot be
reduced  below  20%.

Consistent with the Company's accounting policies, exploration costs on unproven
reserves  are  charged  to  operating  costs  as  incurred.

The  Company's  investment in the HaldeyGold partnership interest is as follows:

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
                                                January 13,
                                                       1989                                              Year
                                            (inception) to,                                             ended
                                              September 30,    September 30,    September 30,    December 31,
                                                       2006             2006             2005            2005
---------------------------------------  ------------------  ---------------  ---------------  --------------
<S>                                      <C>                 <C>              <C>              <C>
---------------------------------------  ------------------  ---------------  ---------------  --------------
Capital invested                         $         938,612   $      241,583   $      150,000   $     297,029
---------------------------------------  ------------------  ---------------  ---------------  --------------
Exploration costs incurred                        (757,661)        (193,266)        (120,000)       (202,795)
---------------------------------------  ------------------  ---------------  ---------------  --------------
                                                   180,951           48,317           30,000          94,234
---------------------------------------  ------------------  ---------------  ---------------  --------------
Write-down of investment in partnership
interest                                          (180,951)         (48,317)         (30,000)        (94,234)
---------------------------------------  ------------------  ---------------  ---------------  --------------
Partnership interest at end of period    $               -   $            -   $            -   $           -
-----------------------------------------====================================================================
</TABLE>

Direct exploration costs on the Haldeevskaya mineral exploration license area
located in the Tomsk Oblast region of the Russian Federation totalled $49,257
during the nine months ended September 30, 2006 (2005 - $39,854).

TUGOJAKOVSK  PROJECT
On  June  17,  2005,  as amended December 31, 2005 and July 7, 2006, the Company
signed  a  Joint  Activity  Agreement  to  form  a  partnership  to  explore the
Tugojakovsk  Project,  located  in  the  Tomsk  Oblast  Region  of  the  Russian
Federation.  Under  the  terms of the agreement: (1) the Company acquired an 80%
share  of the project in exchange for contributing $126,440 in 2005; and (2) the
Company  is  committed  to  finance the project in 2006 by providing $600,400 in
accordance  with  an  approved  budget.  If  the  financing  provided in 2007 is
between  (1)  $800,000  and $1,499,000, the Company's ownership interest will be
reduced  to  70%;  (2)  $350,000  and  $799,000, reduced to 60%; (3) $200,000 to
$350,000,  reduced  to 49% (4) less than $200,000, then the Company shall assign
to  Geosphera  100%  equity  interest in the joint venture and withdraw from the
joint  venture.  Geosphera's  ownership  interest  cannot  be reduced below 20%.


                                       13
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2006
(UNAUDITED)

NOTE 4 - MINERAL PROPERTIES AND EXPLORATION COSTS (CONT'D)
--------------------------------------------------------------------------------

TUGOJAKOVSK  PROJECT  (CONT'D)
Pursuant  to  the  terms  of  the  Joint  Activity  Agreement, a company will be
incorporated  and  registered  by  Geosphera  in the Russian Federation with the
Ministry  of  the  Russian  Federation  for Taxes and Levies in order to conduct
further  financing and exploration work on the Tugojakovsk license area once the
Company's  contribution  to  the  joint venture reaches $700,000. Once the joint
venture  company  is  registered with the Ministry of the Russian Federation for
Taxes  and  Levies,  the  Partnership  will  transfer  the  Tugojakovsk  mineral
exploration  license  along  with  all relevant geological data to the new joint
venture  company.  The  licence, geological data, professional knowledge, skills
and  business  contacts contributed to the joint venture by Geosphera was valued
at  $100,000.  The  Company will have an 80% (Geosphera 20%) interest in the new
company.  As  of  the date of these financial statements the new company has not
yet  been  registered.

Exploration costs on the Tugojakovsk mineral exploration licence area located in
the  Tomsk  Oblast region of the Russian Federation totalled $288,000 during the
nine  months  ended  September 30, 2006 (2005 - $50,000) and $124,371 during the
year  ended  December  31,  2005.

NOTE 5 - CAPITAL STOCK
--------------------------------------------------------------------------------

As at September 30, 2006, the Corporation's authorized capital stock consists of
100,000,000  common  shares  with  a  par  value  of  $0.0001  per  share.

FORWARD STOCK SPLIT
On  April 7, 2006, the Company's Board of Directors approved a 2:1 forward stock
split  effective May 15, 2006 which was subject to regulatory approval which was
received  on  May  19,  2006.  The  par  value  and the number of authorized but
unissued shares of the Company's common stock was not changed as a result of the
forward  stock  split.

Unless  otherwise noted, all references to common stock, warrants, common shares
outstanding,  warrants  outstanding,  weighted  average numbers of common shares
outstanding  and  per  share  amounts in these Financial Statements and Notes to
Financial Statements prior to the effective date of the forward stock split have
been  restated  to  reflect  the 2:1 forward stock split on a retroactive basis.

PRIVATE PLACEMENTS
During the quarter ended March 31, 2006 the Company issued 800,000 common shares
for  cash  of  $300,000  which was received in the year ended December 31, 2005.

On  May  12,  2006  the  Company completed a private placement to non-affiliated
offshore  investors  of  6,540,000  Units  priced  at $0.50 per unit for a total
consideration  of  $3,270,000  pursuant  to  the  exemption  from  registration
requirements  of  the Securities Act of 1933 as amended afforded by Regulation S
as  promulgated by the Act. Each Unit is comprised of one share of the Company's
common stock US $0.0001 par value per share and one stock purchase warrant, each
warrant  entitling  the  holder  to  purchase one additional common share of the
Company  at  a  price  of  US $0.675 per share for a period of one year from the
closing  date of the placement and at a price of US $0.75 per share for a period
of  one  year  commencing  on  the  first  anniversary  of  the  Closing  Date.


                                       14
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2006
(UNAUDITED)

NOTE 5 - CAPITAL STOCK (CONT'D)
--------------------------------------------------------------------------------

PRIVATE PLACEMENTS (CONT'D)
On  May  26,  2006  the  Company completed a private placement to non-affiliated
offshore  investors  of  1,460,000  Units  priced  at $0.50 per Unit for a total
consideration  of  $730,000  pursuant  to  the  exemption  from  registration
requirements  of  the Securities Act of 1933 as amended afforded by Regulation S
as  promulgated by the Act. Each Unit is comprised of one share of the Company's
common  stock US $0.0001 par value per share and one (1) stock purchase warrant,
each warrant entitling the holder to purchase one additional common share of the
Company  at  a  price  of  US $0.675 per share for a period of one year from the
closing  date of the placement and at a price of US $0.75 per share for a period
of  one  year  commencing  on  the  first  anniversary  of  the  Closing  Date.

SHARE  PURCHASE  WARRANTS
A  summary  of  the  Company's  warrants  outstanding  at September 30, 2006 and
December  31,  2005,  and changes during nine months ended September 30, 2006 is
presented  below:

<TABLE>
<CAPTION>
                                                                  Weighted
                                        Number of warrants to     Average
                                           Purchase shares     Exercise Price
     ------------------------------------------------------------------------
<S>                                     <C>                    <C>
     Balance, December 31, 2005                             -               -
     Warrants granted May 12, 2006 (1)              6,540,000           0.582
     Warrants granted May 26, 2006 (2)              1,460,000           0.130
     ------------------------------------------------------------------------
     Balance, September 30, 2006                    8,000,000           0.713
     ------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                                                             Weighted average
                          Weighted                                  Remaining
                           Average   Number of warrants to        contractual
     Range of exercise    Exercise         Purchase shares    Life (in years)
     prices                  price
     ------------------------------------------------------------------------
<S>                       <C>        <C>                    <C>
     0.675 - $0.75 (1)   $   0.713              6,540,000               1.62
     0.675 - $0.75 (2)   $   0.713              1,460,000               1.65
     ------------------------------------------------------------------------
                                                8,000,000
     ------------------------------------------------------------------------
</TABLE>

1.   Each warrant  entitling  the holder to purchase one additional common share
     of  the  Company at a price of US $0.675 per share for a period of one year
     from  the May 12, 2005, closing date of the placement, and at a price of US
     $0.75  per  share  for  a  period  of  one  year  commencing  on  the first
     anniversary  of  the  Closing  Date.

2.   Each warrant  entitling  the holder to purchase one additional common share
     of  the  Company at a price of US $0.675 per share for a period of one year
     from  the May 26, 2005, closing date of the placement, and at a price of US
     $0.75  per  share  for  a  period  of  one  year  commencing  on  the first
     anniversary  of  the  Closing  Date.

STOCK  OPTION  PLAN
Effective  March  1,  2006,  subject  to shareholder approval, approved June 21,
2006,  the  Board  of Directors approved a Stock Option Plan ("SOP") in order to
provide  additional incentive for its directors, officers, employees and service
providers.  The maximum amount of shares that can be issued under the SOP in any
calendar  year  cannot exceed 15% of the issued and outstanding common shares of
the  Company  on  January  1 of such year. The exercise price of each such stock
option  shall  not  be less than the fair market value of a share at the time of
grant.  However, if a stock option is granted to a 10% shareholder, the purchase
price  shall  not  be  less than 110% of the fair market value of a share at the
time  of  grant.  All options granted under the plan will not be exercisable for
six  months  from the date of grant, except in the event of a change of control,
and  the  term  of  all  options  granted  will  not  exceed  five  years.


                                       15
<PAGE>
CIGMA METALS CORPORATION
(AN EXPLORATION STAGE COMPANY)
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2006
(UNAUDITED)

NOTE 5 - CAPITAL STOCK (CONT'D)
--------------------------------------------------------------------------------

STOCK OPTION PLAN (CONT'D)
As at September 30, 2006 and December 31, 2005, the Company had no stock options
outstanding.

NOTE 6 - RELATED PARTY TRANSACTIONS
--------------------------------------------------------------------------------

a)  During the nine months ended September 30, 2006, consulting fees of $118,750
(2005  - $90,000) were paid to directors.  The transactions were recorded at the
exchange  amount,  being  the  value  established  and  agreed to by the related
parties.

b)  Included in accounts payable - related party, as at September 30, 2006 is $0
(December 31, 2005 - $16,986) payable to directors of the Company for consulting
fees  and/or  various  expenses  incurred on behalf of the Company.  All amounts
owing  to  related  parties  are  unsecured and non-interest bearing and have no
fixed  terms  of  repayment.


NOTE 7 - SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
                                       Nine month period ended   Nine month period ended
                                          September 30, 2006        September 30, 2005
     ------------------------------------------------------------------------------------
<S>                                    <C>                       <C>
     Cash paid during the period for:
       Interest                        $                      -  $                      -
       Income taxes                    $                      -  $                      -
     ------------------------------------------------------------------------------------
</TABLE>


                                       16
<PAGE>
ITEM 2. MANAGEMENTS' DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

(A)  General

The  Company  is  a  mineral  exploration  company  with  offices in Queensland,
Australia  and  Tomsk,  Russia  and  is  engaged in the exploration for precious
metals.  The  Company was incorporated under the laws of the State of Florida on
January  13,  1989  as Cigma Ventures Corporation. On April 17, 1999 the Company
changed its name to Cigma Metals Corporation and is in the business of location,
acquisition,  exploration  and, if warranted, development of mineral properties.

This  document  contains  numerous  forward-looking  statements  relating to the
Company's  business.  The United States Private Securities Litigation Reform Act
of  1995  provides  a  "safe  harbor"  for  certain  forward-looking statements.
Operating, exploration and financial data, and other statements in this document
are  based  on  information  the  company  believes  reasonable,  but  involve
significant  uncertainties  as  to  future  gold  and  silver prices, costs, ore
grades,  estimation  of  gold  and  silver  reserves,  mining  and  processing
conditions,  changes  that could result from the Company's future acquisition of
new  mining  properties  or  businesses,  the  risks and hazards inherent in the
mining  business (including environmental hazards, industrial accidents, weather
or  geologically  related  conditions),  regulatory  and permitting matters, and
risks  inherent  in  the  ownership  and  operation of, or investment in, mining
properties  or  businesses  in  foreign countries. Actual results and timetables
could vary significantly from the estimates presented. Readers are cautioned not
to  put  undue reliance on forward-looking statements. The Company disclaims any
intent  or  obligation  to  update  publicly  these  forward-looking statements,
whether  as  a  result  of  new  information,  future  events  or  otherwise.

(B)  Significant  developments  during the nine month period ended September 30,
2006  and  Subsequent  Events

On  April 7, 2006, the Company's Board of Directors approved a 2:1 forward stock
split  effective May 15, 2006 which was subject to regulatory approval which was
received  on  May  19,  2006.  The  par  value  and the number of authorized but
unissued shares of the Company's common stock was not changed as a result of the
forward  stock  split.

UNLESS  OTHERWISE NOTED, ALL REFERENCES TO COMMON STOCK, WARRANTS, COMMON SHARES
OUTSTANDING,  WARRANTS  OUTSTANDING,  WEIGHTED  AVERAGE NUMBERS OF COMMON SHARES
OUTSTANDING  AND  PER  SHARE  AMOUNTS PRIOR TO THE EFFECTIVE DATE OF THE FORWARD
STOCK  SPLIT  HAVE  BEEN  RESTATED  TO  REFLECT THE 2:1 FORWARD STOCK SPLIT ON A
RETROACTIVE  BASIS.

In  March  2006  the  Company  issued 800,000 common shares for cash of $300,000
which  was  received  in  the  year  ended  December  31,  2005.

On  May  12,  2006  the  Company completed a private placement to non-affiliated
offshore  investors  of  6,540,000  Units  priced  at $0.50 per unit for a total
consideration  of  $3,270,000  pursuant  to  the  exemption  from  registration
requirements  of  the Securities Act of 1933 as amended afforded by Regulation S
as  promulgated by the Act. Each Unit is comprised of one share of the Company's
common stock US $0.0001 par value per share and one stock purchase warrant, each
warrant  entitling  the  holder  to  purchase one additional common share of the
Company  at  a  price  of  US $0.675 per share for a period of one year from the
closing  date of the placement and at a price of US $0.75 per share for a period
of  one  year  commencing  on  the  first  anniversary  of  the  Closing  Date.

On  May  26,  2006  the  Company completed a private placement to non-affiliated
offshore  investors  of  1,460,000  Units  priced  at $0.50 per Unit for a total
consideration  of  $730,000  pursuant  to  the  exemption  from  registration
requirements  of  the Securities Act of 1933 as amended afforded by Regulation S
as  promulgated by the Act. Each Unit is comprised of one share of the Company's
common  stock US $0.0001 par value per share and one (1) stock purchase warrant,
each warrant entitling the holder to purchase one additional common share of the
Company  at  a  price  of  US $0.675 per share for a period of one year from the
closing  date of the placement and at a price of US $0.75 per share for a period
of  one  year  commencing  on  the  first  anniversary  of  the  Closing  Date.


                                       17
<PAGE>
ITEM 2. MANAGEMENTS' DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS (CONT'D)

(B)  Significant  developments  during the nine month period ended September 30,
2006  and  Subsequent  Events  (cont'd)

NASD  approval  for  trading on a post split basis was received on May 19, 2006.
Shareholders  must  return  their  certificates  if  they  wish  to  receive new
replacement certificates representing the Post Split Shares. The new certificate
will evidence our new CUSIP number which will be identified with our new trading
symbol  CGMX.

(C) Exploration and Development

The Company holds an interest in two mineral exploration licences located in the
Tomsk  Oblast  Region,  of the, Russian Federation. The Company's strategy is to
concentrate  its  investigations  into:  (i)  Existing  operations  where  an
infrastructure  already exists; (ii) Properties presently being developed and/or
in  advanced  stages  of  exploration  which  have  potential  for  additional
discoveries;  and  (iii)  Grass-roots  exploration  opportunities.

The  geological  setting  of the Cigma/Geosphera joint activity (Cigma) licenses
shows  them  to  be situated in the northern section of the Kolyvan - Tomsk fold
zone  which,  together  with  the  Kalba  -  Narymsk fold zone, form part of the
Central  Asian  fold  belt, referred to as the Altai-Sayan region. The Kolyvan -
Tomsk fold zone consists of a series of large, regional scale, folds, divided by
longitudinal thrusts, faults and compression faults. The granitoids, of granitic
and  leucogranitic  composition,  are  typified by their composition, structural
setting and metallogenic peculiarities and are correlated to the same terrigenic
regions  in the gold bearing areas of Tian Shan in China, Kazakhstan, Yenyseysky
Kryazh  and  the Verkhoyansk - Kolymask belt. This belt is the host to more than
200  gold  deposits.

Compilation  of  data  on  the Haldeiskaja project area shows the area to have 6
large  anomalous  geochemical  fields. The Semiluzhenskoye, Verkhne-kirgizskoye,
Verkhnekamensk,  Gogolevskoye,  Sukhorechenskoye and the Omutninskoye anomalies.

Of  the  6 large anomalies the area currently considered the most perspective is
the  Verkhnekamensk Anomaly. The Verkhnekamensk anomalous area is located in the
eastern part of the Haldeiskaja license on the tectonic contact between the clay
shales  and  volcanics.  As  a  result  of the litho-geochemical, geological and
geophysical  studies,  conducted  by  Cigma,  two mineralized zones of east-west
strike  have  been  outlined  and  plotted  at 1:20,000. These zones were traced
across  the  area  for  3 kilometres with widths ranging from 250 to 700 meters.
Within  these  zones  3  anomalies  were  found  and appear prospective for gold
mineralisation.  The  potential  for  gold  mineralisation  may  exist  at  the
intersection  of  sub-latitudinal (east-west) mineralized zones and sub-meridian
zones  (north-south)  of silicification and diagonal dyke belts. Within areas of
elevated  gold  values,  bismuth,  silver,  copper  and  zinc  were found in the
secondary  dispersion  aureoles.  Assays  of  gold  in soil from clays, up to 30
meters in depth, over the anomalous target areas are in the order of 0.1 to 0.01
ppm Au. The anomalous areas were contoured and overlain with the geophysics. The
result  showed  a  series of complimentary anomalies, and a drilling program was
planned  to  test  the  subsurface  details  of  the  mineralisation.

During  the  nine  months  ended September 30, 2006 we continued to evaluate the
data  obtained from drilling on the Haldeiskaja property, during the latter part
of  2005,  in  an  effort  to  target  the  mineralization  trends and model the
mineralization.  A  model  showing  a  series of east over west thrust planes is
interpreted  as  the  focusing  agent  of  mineralization. Target generation was
completed  towards  the  end  of  the  March  quarter and follow up drilling was
initiated  in  the third quarter of 2006. The results of drilling concluded that
the anomalous gold noted on the Haldeiskaja project is related to a shallow East
over  West  late  thrust.  Mineralisation  is focused along the extensive thrust
plane and the surface soil anomalism is a result of mineralisation, leaking into
the  oxidized  fraction  of  the  country  rock.

Further  close  spaced soil sampling was conducted over the numerous, previously
outlined  soil  anomalies,  assays awaited, to test the strike potential and any
further  potential  focusing  areas  along  the  strike  of  the  thrust. Future
exploration  is  expected  to  follow  up  any  further  delineated  anomalies.


                                       18
<PAGE>
ITEM 2. MANAGEMENTS' DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS (CONT'D)

(C)  Exploration  and  Development  (cont'd)

Total  exploration  expenditures incurred during the nine months ended September
30,  2006  on  the  Haldeevskaja  joint  venture  amounted  to  $290,840 (2005 -
$189,854).

Geological  data  interpreted  from previous work within the Tugojakovsk license
area  has  resulting  in the outlining of two large anomalous geochemical fields
considered  prospective  for  gold  mineralisation.  The anomalous areas are the
Baturino  occurrence  in the west of the project area and the Larinsk anomaly in
the  mid south, interpreted to be above a rising granite. Gold grades within the
anomalous hydro-geochemical fields varied from 0.022 to 1.16 microgram Au/litre,
and  in  the  litho-chemical  (soil)  results  from  0.05  to  0.49  g  Au/t.

The  Baturinsk occurrence, located within the Tugojakovsk license is composed of
a series silicified shear zones (mylonite zones) consisting of numerous, locally
intense,  small  quartz veinlets carrying gold. The surrounding geological units
are  composed  of  mineralised  carbonaceous  shales.

During  the  nine  months  ended September 30, 2006, we evaluated the geological
data obtain from our 2005 work programs on the Tugojakovsk property and a series
of  drill  holes were designed to test the continuity of the previously acquired
drill  data. Drilling on the Tugojakovsk property highlighted a series of folded
sedimentary  units. Mineralisation is associated with metasomatic alteration and
quartz  veining,  with  quartz  veins  assaying  up  to  6g/t.

Exploration expenses on the Tugojakovsk mineral exploration licence area located
in  the  Tomsk  Oblast region of the Russian Federation totalled $288,000 during
the  nine  months  ended  September  30,  2006  (2005  -  $50,000).

The  Company's  property is in the exploration stage only and is without a known
body  of  Mineral  Reserves.  Development  of  the  property will follow only if
satisfactory  exploration  results  are  obtained.  Mineral  exploration  and
development  involves a high degree of risk and few properties that are explored
are  ultimately  developed  into producing mines. There is no assurance that the
Company's  mineral  exploration  and  development  activities will result in any
discoveries  of  commercially  viable  bodies  of  mineralization. The long-term
profitability  of  our operations will be, in part, directly related to the cost
and  success  of  its exploration programs, which may be affected by a number of
factors.

(D) Results of Operations

Nine months Ended September 30, 2006 versus Nine months Ended September 30, 2005

The  Company  had  no operating revenues for the nine months ended September 30,
2006  (2005  -  $0).

For  the nine months ended September 30, 2006 the Company recorded a net loss of
$879,646  (2005  -  $424,412)  or  $0.02  per  share  (2005  -  $0.01).

General  and  administrative  expenses - For the nine months ended September 30,
2006  the Company recorded general and administrative expenses of $370,575 (2005
-  $187,024).  The  2006 amount includes, professional fees - accounting $20,049
(2005  -  $5,299)  and  legal  $94,106  (2005  -  $18,010).

Exploration  expenditures  -  For  the  nine months ended September 30, 2006, we
recorded  total  exploration  costs  of  $578,840  compared to $239,854 in 2005.
Exploration expenses on the Haldeiskaja mineral exploration licence area located
in  the  Tomsk Oblast region of the Russian Federation totalled $290,840 (2005 -
$189,854)  of  which $241,583 were spent on the HaldeyGold joint venture (2005 -
$150,000).  Exploration  expenses on the Tugojakovsk mineral exploration licence
area  located  in  the  Tomsk  Oblast  region of the Russian Federation totalled
$288,000  during  the  nine  months  ended  September 30, 2006 (2005 - $50,000).


                                       19
<PAGE>
ITEM 2. MANAGEMENTS' DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS (CONT'D)

(D) Results of Operations (cont'd)

The  Company's  investment  in  the  HaldeyGold  partnership  interest  is  as
follows:

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------
                                                January 13,
                                                       1989                                              Year
                                            (inception) to,                                             ended
                                              September 30,    September 30,    September 30,    December 31,
                                                       2006             2006            2005             2005
---------------------------------------  ------------------  ---------------  ---------------  --------------
<S>                                      <C>                 <C>              <C>              <C>
---------------------------------------  ------------------  ---------------  ---------------  --------------
Capital invested                         $         938,612   $      241,583   $      150,000   $     297,029
---------------------------------------  ------------------  ---------------  ---------------  --------------
Exploration costs incurred                        (757,661)        (193,266)        (120,000)       (202,795)
---------------------------------------  ------------------  ---------------  ---------------  --------------

                                                   180,951           48,317           30,000          94,234
---------------------------------------  ------------------  ---------------  ---------------  --------------
Write-down of investment in partnership
interest                                          (180,951)         (48,317)         (30,000)        (94,234)
---------------------------------------  ------------------  ---------------  ---------------  --------------
Partnership interest at end of period    $               -   $            -   $            -   $           -
-----------------------------------------====================================================================
</TABLE>

Exploration costs on the Tugojakovsk mineral exploration licence area located in
the  Tomsk  Oblast region of the Russian Federation totalled $288,000 during the
nine  months  ended  September  30,  2006  (2005  -  $50,000).

(E)  Capital  Resources  and  Liquidity

September  30,  2006  versus  September  30,  2005:

At  September  30,  2006 the Company had cash of $3,335,756 (2005 - $77,045) and
working  capital  of $3,491,250 (2005 - $38,231) respectively. Total liabilities
as  of September 30, 2006 were $9,112 (2005 - $205,123), a decrease of $196,011.
During  the  nine  months  ended September 30, 2006 the Company issued 8,800,000
post  stock  split (2005 - 2,000,000 post stock split) common shares for cash of
$4,300,000  of  which  300,000  was  received  in December 2005. During the nine
months  ended September 30, 2006 investing activities consisted of investment in
partnership  $529,583 (2005 - $150,000). For the nine months ended September 30,
2006  the Company recorded a net loss of $879,646 (2005 - $424,412) or $0.02 per
share  (2005  -  $0.01  per  share).

At  September  30,  2006  we  have  sufficient  working  capital  to (i) pay our
administrative and general operating expenses through December 31, 2007 and (ii)
to  conduct  our  preliminary  exploration  programs.  Without  cash  flow  from
operations,  we  may  need  to obtain additional funds (primarily through equity
offerings and/or debt borrowing) in order, if warranted, to implement additional
exploration  programs  on  our  properties.  Failure  to  obtain such additional
financing  may result in a reduction of our interest in certain properties or an
actual foreclosure of our interest. We have no agreements or understandings with
any  person  as  to  such  additional  financing.

Our  exploration properties have not commenced commercial production and we have
no history of earnings or cash flow from our operations. While we may attempt to
generate  additional working capital through the operation, development, sale or
possible  joint  venture development of our property, there is no assurance that
any  such  activity  will  generate funds that will be available for operations.

(F)  Plans  for  the  Year  2006  and  2007

During  the next 12 months the Company intends to raise additional funds through
equity  offerings  and/or  debt  borrowing  to  meet  its administrative/general
operating  expenses  and to conduct work on exploration properties. There is, of
course,  no  assurance  that  it  will  be  able  to  do  so.


                                       20
<PAGE>
ITEM 2. MANAGEMENTS' DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS (CONT'D.)

(F) Plans for the Year 2006 and 2007 (cont'd)

Our  exploration work program in 2006 will concentrate exploration activities on
the  joint  venture  Haldeevskaya  license  area,  the joint venture Tugojakovsk
license  area acquired in June 2005 and examining data relating to the potential
acquisition  or  joint  venturing of additional mineral properties in either the
exploration or development stage in the Russian Federation. Additional employees
will  be  hired  on  a consulting basis as required by the exploration projects.

The  2006  exploration  work program on the Haldeevskaya license and Tugojakovsk
license  areas  will  entail  completion  of data processing from the year 2005,
surface  mapping,  soil  sampling  and  assaying, soil geochemistry, geophysical
surveying  and  drilling.  The  data  assembled  from  this work will be used to
determine  whether:  (i)  further  exploration  and  diamond  core  drilling  is
warranted  and  if so the sites for initial holes; or (ii) whether certain claim
blocks  should  be  surrendered.

(G) Application of Critical Accounting Policies

The  preparation  of  our  consolidated  financial statements requires us to use
estimates  and  assumptions  that  affect  the  reported  amounts  of assets and
liabilities  as  well  as  revenues  and  expenses.  Our accounting policies are
described  in  note  3  to  our  financial  statements.  Our accounting policies
relating  to  recording  of  mineral  property  acquisition,  exploration  and
development  costs  and  the  investment  in  partnership  interest are critical
accounting  policies  that  are  subject  to estimates and assumptions regarding
future  activities.

(H) Off-balance Sheet Arrangements and Contractual Obligations

We  do  not  have  any off-balance sheet arrangements or contractual obligations
that  are  likely to have or are reasonably likely to have a material current or
future  effect  on  our  financial  condition,  changes  in financial condition,
revenues  or expenses, results of operations, liquidity, capital expenditures or
capital  resources  that  have  not  been disclosed in our financial statements.

(I) Market Risk Disclosures

We  have not entered into derivative contracts either to hedge existing risks or
for  speculative  purposes.

ITEM 3. CONTROLS AND PROCEDURES

We  maintain disclosure controls and procedures that are designed to ensure that
information  required  to be disclosed in our Securities Exchange Act reports is
recorded,  processed,  summarized and reported within the time periods specified
in  the  SEC's  rules  and  forms,  and that such information is accumulated and
communicated  to  our  management,  including  our President and Chief Executive
Officer  (Principal  Executive  Officer)  and Chief Financial Officer (Principal
Financial Officer), as appropriate, to allow timely decisions regarding required
disclosure.  In designing and evaluating the disclosure controls and procedures,
management  recognized  that  any  controls  and  procedures, no matter how well
designed  and  operated,  can provide only reasonable assurance of achieving the
desired  control  objectives,  as  ours  are  designed  to  do,  and  management
necessarily  was  required  to apply its judgment in evaluating the cost-benefit
relationship  of  possible  controls  and  procedures.

As  of  the  end  of  the  period  covered  by  this  report,  we carried out an
evaluation,  under the supervision and with the participation of our management,
including  our  President  and  Chief  Executive  Officer  (Principal  Executive
Officer)  and  Chief  Financial  Officer  (Principal  Financial  Officer) of the
effectiveness  of  the  design  and  operation  of  our  disclosure controls and
procedures,  as  defined  in  Rules 13a-15(e) and 15d-15(e) under the Securities
Exchange  Act  of  1934.  Based  upon  that  evaluation, our President and Chief
Executive  Officer  (Principal  Executive  Officer)  and Chief Financial Officer
(Principal  Financial  Officer)


                                       21
<PAGE>
ITEM 3. CONTROLS AND PROCEDURES (CONT'D)

concluded  that our disclosure controls and procedures are effective in enabling
us  to record, process, summarize and report information required to be included
in  our  periodic  SEC  filings  within  the  required  time  period.

There have been no changes in our internal control over financial reporting that
occurred during the period covered by this Report that have materially affected,
or  are  reasonably  likely  to  materially  affect,  our  internal control over
financial  reporting.


                           PART II OTHER INFORMATION

ITEM 1. Legal Proceedings

We  are  not  party  to  any litigation, and have no knowledge of any pending or
threatened  litigation  against  us.


ITEM 2. Changes in Securities

UNLESS  OTHERWISE NOTED, ALL REFERENCES TO COMMON STOCK, WARRANTS, COMMON SHARES
OUTSTANDING,  WARRANTS  OUTSTANDING,  WEIGHTED  AVERAGE NUMBERS OF COMMON SHARES
OUTSTANDING  AND  PER  SHARE  AMOUNTS PRIOR TO THE EFFECTIVE DATE OF THE FORWARD
STOCK  SPLIT  HAVE  BEEN  RESTATED  TO  REFLECT THE 2:1 FORWARD STOCK SPLIT ON A
RETROACTIVE  BASIS.

In  March  2006  the  Company  issued 800,000 common shares for cash of $300,000
which  was  received  in  the  year  ended  December  31,  2005.

On  May  12,  2006  the  Company completed a private placement to non-affiliated
offshore  investors  of  6,540,000  Units  priced  at $0.50 per unit for a total
consideration  of  $3,270,000  pursuant  to  the  exemption  from  registration
requirements  of  the Securities Act of 1933 as amended afforded by Regulation S
as  promulgated by the Act. Each Unit is comprised of one share of the Company's
common stock US $0.0001 par value per share and one stock purchase warrant, each
warrant  entitling  the  holder  to  purchase one additional common share of the
Company  at  a  price  of  US $0.675 per share for a period of one year from the
closing  date of the placement and at a price of US $0.75 per share for a period
of  one  year  commencing  on  the  first  anniversary  of  the  Closing  Date.

On  May  26,  2006  the  Company completed a private placement to non-affiliated
offshore  investors  of  1,460,000  Units  priced  at $0.50 per Unit for a total
consideration  of  $730,000  pursuant  to  the  exemption  from  registration
requirements  of  the Securities Act of 1933 as amended afforded by Regulation S
as  promulgated by the Act. Each Unit is comprised of one share of the Company's
common  stock US $0.0001 par value per share and one (1) stock purchase warrant,
each warrant entitling the holder to purchase one additional common share of the
Company  at  a  price  of  US $0.675 per share for a period of one year from the
closing  date of the placement and at a price of US $0.75 per share for a period
of  one  year  commencing  on  the  first  anniversary  of  the  Closing  Date.


ITEM 3. Defaults Upon Senior Securities

     Not  Applicable


ITEM 4. Submission of Matters to a Vote of Security Holders

     Not  Applicable


                                       22
<PAGE>
ITEM 5. Other Information

     None.


ITEM 6. Exhibits

3.1.1     Certificate  of  Incorporation,  incorporated  by  reference  to  the
          Form  10-SB12G  filed  on  September  16,  1999  (SEC  File  No.
          000-27355-99712713).  *
3.1.2     Certificate  of  Amendment  to  the  Certificate  of  Incorporation,
          incorporated  by reference to the Form 10-SB12G filed on September 16,
          1999  (SEC  File  No.  000-27355-99712713).  *
3.2.1     By-laws,  incorporated  by  reference  to  the Form 10-SB12G filed on
          September  16,  1999  (SEC  File  No.  000-27355-99712713).  *
10.1.1    Haldeevskaya  Joint  Activity  Agreement  dated  August  30,  2004,
          incorporated  by  reference  to  the Form 10-KSB filed on June 6, 2006
          (SEC  File  No.  000-27355-06888704).  *
10.1.2    Amendment  to  Haldeevskaya  Joint  Activity  Agreement  dated April
          22,  2005,  incorporated by reference to the Form 10-KSB filed on June
          6,  2006  (SEC  File  No.  000-27355-06888704).  *
10.1.3    Amendment  to  Haldeevskaya  Joint  Activity  Agreement  dated
          December  31, 2005, incorporated by reference to the Form 10-KSB filed
          on  June  6,  2006  (SEC  File  No.  000-27355-06888704).  *
10.1.4    Amendment  to  Haldeevskaya  Joint  Activity  Agreement  dated  July
          7,  2006, incorporated by reference to the Form 10-QSB filed on August
          14,  2006  (SEC  File  No.  000-27355-061028644).  *
10.2.1    Tugoyakovka  Joint  Activity  Agreement  dated  June  17,  2005,
          incorporated  by  reference  to  the Form 10-KSB filed on June 6, 2006
          (SEC  File  No.  000-27355-06888704).  *
10.2.2    Amendment  to  Tugoyakovka  Joint  Activity  Agreement  dated
          December  31, 2005, incorporated by reference to the Form 10-KSB filed
          on  June  6,  2006  (SEC  File  No.  000-27355-06888704).  *
10.2.3    Amendment  to  Tugoyakovka  Joint  Activity  Agreement dated July 7,
          2006, incorporated by reference to the Form 10-QSB filed on August 14,
          2006  (SEC  File  No.  000-27355-061028644).  *
31.1      Certification  of  Chief  Executive  Officer  and  Chief  Financial
          Officer  pursuant  to  Section  302  of the Sarbanes-Oxley Act of 2002
31.2      Certification  of  Chief  Executive  Officer  and  Chief  Financial
          Officer  pursuant  to  Section  302  of the Sarbanes-Oxley Act of 2002
32.1      Certification  of  Chief  Executive  Officer  and  Chief  Financial
          Officer  pursuant  to  Section  906  of the Sarbanes-Oxley Act of 2002
32.2      Certification  of  Chief  Executive  Officer  and  Chief  Financial
          Officer  pursuant  to  Section  906  of the Sarbanes-Oxley Act of 2002
99.1      Corporate  Governance  Principles,  incorporated  by  reference to the
          registration  statement  on  Form  10KSB filed on November 4, 2004 SEC
          File  No.  000-27355  041117794).  *

*  Previously  filed


                                       23
<PAGE>
                                   SIGNATURES

In  accordance  with the requirements of the Exchange Act, the registrant caused
this  report  to  be  signed  on  its  behalf by the undersigned, thereunto duly
authorized.

                                       CIGMA  METALS  CORPORATION
                                       --------------------------
                                         Registrant

Date: November 3, 2006               BY: /s/  Lars  Pearl
                                              Lars  Pearl
                                              Director

Date: November 3, 2006               BY: /s/  Waldemar  Mueller
                                              Waldemar  Mueller
                                              Director


                                       24